Demand Flashcards
1
Q
Demand
A
The quantity of a good or service that consumers are willing and able to buy at a given price during a given period of time
2
Q
Derived demand
A
When the demand for one good is linked with the demand for another e.g.The demand for labour is derived from the goods the labour produces
3
Q
Composite demand
A
When the good demanded has more than one use e.g. assuming there is a fixed supply of milk, an increase in the demand for cheese will mean that more cheese is supplied, and therefore, less butter can be supplied.
4
Q
Joint demand
A
When goods are bought together, such as a camera and a memory card
